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UNH UnitedHealth Group

FY2025 10-K
Filed: Mar 2, 2026
Financials
Hospital & Medical Service PlansSEC EDGAR
UnitedHealth Group Overview

UnitedHealth Group (UNH) filed its fiscal year 2025 10-K annual report with the SEC on Mar 2, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.

AI Filing Analysis
FY2025 10-K

Business Overview

  • • Dual-segment model: UnitedHealthcare (health benefits) + Optum (health services/tech), serving payers, providers, patients, and governments
  • • Major leadership overhaul: new CEO (Hemsley, May 2025), CFO (DeVeydt, Sept 2025), UHC CEO (Noel, Jan 2025), and Optum CEO (Conway, May 2025) — near-complete C-suite reset
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Management Discussion & Analysis

  • • Revenue $447.6B, up 12% YoY ($47.3B increase); UnitedHealthcare +16% to $344.9B; Optum +7% to $270.6B
  • • Operating margin collapsed to 4.2% vs 8.1% prior year; MCR deteriorated to 89.1% vs 85.5%; net earnings margin 2.7% vs 3.6%
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Risk Factors

  • • Change Healthcare cyberattack (2024) exposed protected health information/PII; recently acquired non-integrated systems flagged as heightened ongoing vulnerability
  • • Goodwill and intangible assets $131B = 42% of total consolidated assets; impairment risk if acquired businesses underperform assumptions
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Financial Summary
XBRL

Revenue

$447.6B

Net Income

$12.1B

Operating Margin

4.2%

Net Margin

2.7%

ROE

12.0%

Total Assets

$309.6B

EPS (Diluted)

$13.23

Operating Cash Flow

$19.7B

Source: XBRL data from UnitedHealth Group FY2025 10-K filing on SEC EDGAR. All figures in USD.

Other UnitedHealth Group Annual Reports

FY2024 10-K

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